Part 1 Amendments
Finance Act 2011 (2011 c 11) | Legislation

SCHEDULE 18 Lifetime Allowance Charge

Section 67

Part 1 Amendments

1

Part 4 of FA 2004 (pension schemes etc) is amended as follows.

2

(1)     Section 218 (individual's lifetime allowance and standard lifetime allowance) is amended as follows.

(2)     For subsections (2) and (3) substitute—

“(2)     The standard lifetime allowance for the tax year 2012–13 and, subject to subsection (3), subsequent tax years is £1,500,000.

(3)     The Treasury may by order provide that the standard lifetime allowance for any tax year subsequent to the tax year 2012–13 is such amount, not being less than the standard lifetime allowance for the immediately preceding tax year, as is specified in the order.â€

(3)     After subsection (5) insert—

“(5A)     Where the operation of a lifetime allowance enhancement factor is provided for by any of sections 220, 222, 223 and 224 and the time mentioned in the definition of SLA in the section

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